Sunday, November 15th, 2009

What tax year is used to determined eligibility for first-time homebuyer tax credit?

Homebuyer tax credit
dc200006 asked:


I will earn less than $75,000 in 2009 (I’m a single filer), but earn more than $75,000 in tax year 2008. Am I eligible for the first time homebuyer tax credit?

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4 Responses to “What tax year is used to determined eligibility for first-time homebuyer tax credit?”

v b Says:
November 16th, 2009 at 1:58 am

So claim it on your 2009 return when you file in 2010.

if you file an amended return now, you will be affected by the phaseout and get nothing if you made more than $95K.

Doctor Deth Says:
November 18th, 2009 at 10:25 am

have you bought a house?
if yes, what year did you buy it?
if not, you must close on it by Nov 30th or no rebate

ninasgramma Says:
November 20th, 2009 at 1:06 am

If you bought your home in 2009, you have a choice to claim the credit either on your amended 2008 tax return or on your 2009 tax return.

So you will need to wait and claim the credit on your 2009 return, when you qualify. The fact that you made too much income for the credit in 2008 will not disqualify you.

Janice S Says:
November 20th, 2009 at 9:05 am

When was it purchased 08-09? If it was 08 you would only be getting the 7500. and not the 8000. Or whatever the phase out amount is for the income.

What was the date of purchase?

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